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Oil Futures Advance 1.2 percent after Crude Inventories Slid in January 2012
Oil futures advanced as much as 1.2 percent after the American Petroleum Institute said crude inventories slid the most in six weeks in the seven days ended Jan. 13. Brent oil for March settlement advanced 69 cents, or 0.6 percent, to $111.35 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s [...]
Thursday, January 19th, 2012Libya Unrest, BP stop Exploration more Oil Companies and Industry Fallout
Oil companies, including Italy’s Eni, Royal Dutch Shell PLC, U.K.-based BP and Germany’s Wintershall, a subsidiary of BASF, were evacuating their expat workers or their families or both. BP and Wintershall said they were temporarily suspending operations; Eni said production continued normally. Libya is one of the world’s biggest oil producers and has the largest [...]
Monday, February 21st, 2011OPEC Increase Forecast of Demand 2011 Crude Oil as Asian Consumption Advanced
OPEC or Organization of Petroleum Exporting Countries raised estimates for the amount of crude oil it will need to produce this year because of surging Asian demand. OPEC will have to increase supplies by 400,000 barrels a day to 29.4 million a day in 2011 to meet rising demand from emerging economies, the group’s Vienna-based [...]
Saturday, January 22nd, 2011